Removing Barriers Blog

CFPB Issues Advisory Opinion Policy & Two Advisory Opinions
Posted November 30, 2020 by CUNA Advocacy

The CFPB issues a final Advisory Opinions (AO) Policy to address regulatory uncertainty and provide guidance to covered entities.

Under the final Policy, any person or entity can submit a request for an AO via email to advisoryopinion@cfpb.gov. The Bureau will review the submissions received, prioritize certain requests for response, and issue opinions with a description of the incoming request. The Bureau may also decide to issue advisory opinions on its own initiative. 

To increase transparency, the Bureau will publish all AOs in the Federal Register and on its website here.

In determining whether to respond to the request, the Bureau will prioritize open questions within the Bureau’s purview that can legally be addressed through an interpretive rule. 

In addition to the final Policy, the Bureau also issued its first two AOs: